Firms, NSE woo investors with mobile trading

Four technologically advanced stockbroking firms and the Nigerian Stock Exchange (NSE) have launched an initiative to step up the use of mobile online trading portals for transactions at the stock market. The four stockbroking firms, which included GTI Securities, Investment One Stockbroking International Limited, Meristem Securities and CSL Stockbrokers, had earlier launched mobile trading portals. Capital Bancorp Plc also has online trading portal.

The new initiative, tagged: “Smart Trade”, being coordinated by the NSE was meant to rally the stock market behind the mobile online trading, standardise and unify the platform and further provide regulatory support for the individual stockbroking firm’s efforts.

At the launch of the initiative at the Exchange in Lagos, executive director, market operations and technology, Nigerian Stock Exchange (NSE), Ade Bajomo said online and mobile stockbroking have potentials to tremendously improve the depth of the Nigerian capital market by widening investors’ base.

According to him, from the current retail trading investors’ base of five million, the stock market could leverage on increasing mobile and internet usage in Nigeria to grow retail investors’ base to some 25 million, which will create a win-win situation for all stakeholders.

Bajomo said the online platform would enable investors to buy and sell stocks on the Exchange with real-time processing functionality, adding that the platform would also enhance financial inclusion, transparency and market integrity as it gives investors greater control over their investment decisions.

He said the platform would provide users real-time market data with availability of various technical indicators to analyse the trend and momentum of the market, thus enabling investors to make informed decisions based on the latest data.

He assured that the online portal was made up of world-class technology with robust client data protection and security framework to give clients a seamless experience when processing transaction.

Managing director, GTI Securities, Amos Aledare, said the stockbroking firm has put in place adequate arrangements to ensure hitch-free operation of its online trading portal.

Managing Director, Investment One Stockbroking International Limited, Mr Oluwole Awe, said the initiative would move the market to the next level, assuring that stockbrokers would support the initiative to achieve the desired result.

“The platform has a robust security features, which are well articulated to ensure that investors trades and accounts are not compromised. This platform will enable our client make their stockbroking portfolios on mobile devices tablets, laptops and desk top computers,” Bajomo said.

He outlined that the mobile online trading initiative would ride on the back of full dematerialisation and the direct cash settlement to create a seamless experience for investors.

According to him, while full dematerialisation is being implemented, the direct cash settlement initiative would be simultaneously implemented, leveraging on the progress made from putting into operation the dematerialisation processes.

“Direct implication of this initiative would be increased investor control, which in turn would translate to increased investor confidence, improved levels of financial inclusion and surge in trading volumes,” Bajomo said.